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Earnings reports for the first quarter of 2020 provide a window into both the pre and post COVID worlds. Pre-COVID, markets were pricing in growth; then everything changed.

Major market indices first reacted negatively towards the end of Feb-2020, around Mar-22 the lows were put in. Then, prior to the Q1-2020 earnings reports being released, some of the losses were recovered. Earnings reports for Q1-2020 then officially confirmed the crippling drop in much of the economy.

Since then, containing the fallout from the Coronavirus has become the singular focus of central banks around the globe. The stakes are enormous, re-establishing personal safety and a functioning economy is necessary to stave off a serious recession.

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